Today, home sellers enter a market vastly different from the market a few years ago.
The market rebounded faster than anyone predicted. Home prices skyrocketed, and demand grew steadily as economic conditions improved as well. After years of weathering the worst of the housing market crisis, many homeowners are wondering, “Should I sell now?” “
If you’ve been waiting to sell your home, now may be the perfect time. Let’s take a closer look at the reasons why.
1)Home prices are up significantly
For many people, the price they can ask for their homes is the driving factor when deciding whether or not to sell. This is especially true following the crash of the housing market, when millions of homeowners lost significant equity in their homes.
The recovery of the housing market, however, has provided homeowners with excellent news on this front. From 2012 to 2013, home prices rose by 11.3 percent and continued to rise steadily through 2014. Each month, housing prices showed a marked increase over the previous year.
Thanks to the sharp increase in prices, millions of these homeowners regained equity in 2013 and 2014, freeing many homeowners to finally sell their homes.
Looking forward, Freed Mac estimates the growth in housing prices to continue to normalize, eventually settling to a 1% growth rate by the end of 20152. With housing prices already up and expected to slow to normal rates, now is a perfect time reevaluate how much your home is worth.